One of the places that get maximum exposure to sunlight in the USA is North Carolina. Due to the average 6 to 8 hours of sunlight exposure daily, the NC has been a leading region for the solar power initiatives for years. Most of the houses and businesses in NC have solar power systems due to the favorable laws, rebates and performance payments. The Federal Government of USA currently offers 30% solar tax credit for the whole installed cost of a solar power system.
North Carolina State Energy Tax Credits
It is a fact that the NC no longer offers state solar tax credits to the solar users. As a state tax credit, users take the amount directly off from their tax payment, rather than as a deduction from their taxable income. The residents of NC can claim for the North Carolina state energy tax credits for their residence or the vacation homes.
Solar Rebates Available in NC
Homeowners wanting to install a system up to 10 kilowatts are eligible for the $0.60/Watt Duke Energy solar panel rebates. The rebate is not only for the homeowners but also for the nonresidential customers and nonprofit customers. The nonresidential customers are eligible for a rebate worth $0.50/Watt for up to $50,000, while nonprofit customers are eligible for a rebate worth $0.75/Watt up to $75,000.
Incentives Available for North Carolina Residences
In order to coax the people consider choosing the solar systems in NC, state and federal governments of USA offer incentives. Some of the common incentives include:
- Tax credits
- Performance Payments
- Property Tax Exemption
- Sales Tax Exemption
Revolving Loan Options
In order to encourage the people to opt for the solar energy in NC, the Legislation has enacted in NC which allows low-interest loans for the solar panel purchase, installation and other energy upgrades. As per the legislation, the loan term should not exceed to more than 20 years. In addition, the interest rate cap is set at 8 percent, so no one can charge more than that and it can easily be renewed.
North Carolina Property Tax & Sales Tax Exemptions for Energy
North Carolina offers property tax and sales tax exemptions for the installed solar energy systems NC. The tax exemption, which is almost 80%, makes it more economically feasible option for the taxpayer to install a solar power system NC on a residential or commercial space. A sales tax exemption means that homeowners and businesses owners are not liable to pay any state sales tax on their solar panel system in NC.
Get in Touch with Recon Renewable Energy
In order to claim the available state solar energy tax credit for the year 2019, businesses and homeowners should get in touch with us now. Experts working with us will help them get a complete knowledge about the process and installation services. We offer a free, no obligation quote. So, why wait?